A Minimum Viable Product (MVP) is a version of a new product that includes just enough features to be usable by early adopters and provide feedback for future product development. It's the simplest core offering that delivers value to the user.
Purpose of an MVP
The primary goal is not just to launch quickly, but to learn and validate assumptions about the product and market with minimal investment.
- Validate Hypotheses: Test core assumptions about user needs and market demand.
- Gather User Feedback: Collect insights from real users early in the development cycle.
- Reduce Development Waste: Avoid building features that users don't actually want or need.
- Faster Time-to-Market: Get a basic version of the product in users' hands sooner.
Characteristics of an MVP
- Viable: Must provide enough value that people are willing to use it or buy it initially.
- Minimal: Includes only the essential features needed to solve a core problem and gather feedback.
- Testable: Allows the team to test key assumptions and hypotheses.
MVP is not...
- A buggy or incomplete product.
- Just the first phase of a waterfall development plan.
- An excuse to launch a low-quality product.
The Build-Measure-Learn Loop
The MVP concept is central to the Lean Startup methodology's Build-Measure-Learn feedback loop. Teams build an MVP, measure how users interact with it, and learn from that data to decide whether to pivot or persevere with the product direction.
Building an MVP allows teams to test their product ideas in the real world quickly and efficiently, reducing risk and increasing the chances of building something people truly want.
